Global Alternator Market is estimated to reach $29.9 billion by 2024; growing at a CAGR of 5% from 2016 to 2024. Alternator also known as synchronous generators are the workhorse of power generation industry. It is capable of converting mechanical energy into electric energy in the form of alternating energy. Electricity in alternators is produced by electromagnetic induction. They are now replacing the DC generators due to its improved efficiency. Alternators are generally found near the front of the engine and are driven by crankshaft, which converts the piston’s movement into circular movement.

Increasing use of electronics and increased disposable income which has led to demand of luxury cars in emerging economies is fuelling the growth of the market. Moreover, rising demand for engine and turbines and growing investment in construction industry are also expected to drive the growth of the market. However, economic instability could hinder the growth of the market. Untapped markets in growing economies and penetration of alternators in various sectors could provide opportunities in the upcoming years.

The market is segmented based on the voltage range, rotor type, end-user and geography. By voltage range is further segmented into low voltage (0V-1000V), medium voltage (1001V-4160V) and high voltage (4161V-15000V). By rotor type segment, it can be segmented into salient pole, smooth cylindrical and others. Furthermore, end-user is segmented into oil & gas, marine, power plant, stand-by power, mining and others.

By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers U.K, Germany, Russia and others. Asia-Pacific covers China, India, Australia and others. Rest of the World (RoW) covers South America, Middle East and Africa.